The Nigerian naira recorded a notable appreciation of N32.38 against the US dollar over the past week in the official foreign exchange market.

An analysis of the Central Bank of Nigeria’s exchange rate data between Friday, May 30, and Wednesday, June 5, 2025, reveals that the naira strengthened from N1,585.50 to N1,553.12 per dollar.

This marks a 2.04 percent increase in the value of the local currency during the review period.

In addition to gains at the official market, the naira also appreciated at the parallel (black) market.

By the close of trading on Thursday, the naira was exchanged at N1,590 per dollar, compared to N1,625 on May 30—reflecting a gain of N35.

Earlier in the week, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, attributed the naira’s relative stability to ongoing reforms initiated by the apex bank. He noted that the currency had become a competitive payment medium within the West African subregion.

Meanwhile, Bismark Rewane, Managing Director of Financial Derivatives Company, stated during the recent Lagos Business School breakfast meeting that the naira remains 26.82 percent undervalued.